J.C. Flowers announced that they are in the finals stages of negotiations to buy US$682.8 million or GBP450 million worth of Northern Rock Loans. J.C. Flowers plans to seal the deal with the UK government through the company's small regional lender, One Savings Bank. J.C. flowers plans to pay GBP300 million for the loans as part of the sale organized by the US Asset Resolution (UKAR).

UKAR is the "zombie bank" responsible for winding down loans of defunct lenders, Bradford & Bingley and Northern Rock Plc.  

"In line with our stated strategy of winding down the loan book, we will talk to parties interested in acquiring elements of the companies' loan books," a UKAR spokesman said. "As you'd expect, such negotiations are confidential. We will only ever sell for a price that preserves taxpayer value."

J.C. Flowers is a private equity company that focuses on investments in the financial services sector. The company was established in 2001 with headquarters in New York.